Broker snap: Slowdown expected at Pru, says Nomura
6th Mar 2012 10:51
Nomura has reiterated its reduce rating and 700p target price for insurance giant Prudential ahead of the group's full-year results next Tuesday. "Following 2.5 years of strong growth in the US, we expect a slowdown in US sales to restrict total group [net book value] growth to 5% in 2011 and to si
Read moreTuesday broker round-up - UPDATE
6th Mar 2012 09:20
Serco: Credit Suisse lifts target price to 650p from 600p, remains at outperform. Capita: Credit Suisse revises target to 820p from 770p, retains outperform. Wolseley: UBS downgrades from buy to hold. Pace: Peel Hunt upgrades from hold to buy, raises target to 99p from 75p. International Power
Read moreLondon midday: Essar, HSBC drag Footsie down 0.85pc
27th Feb 2012 12:04
- Essar, HSBC provide a drag in London. - G20 urges Europe to take action first - Vedanta among the few risers after consolidation plans. London's blue chip index sank to its lowest levels of the day by lunchtime, with banks and miners providing a drag, while Eurozone debt concerns continued to we
Read moreLondon open: Stocks sink early on, Essar leads the fall
27th Feb 2012 08:55
- Essar drops after full-year results. - Vedanta confirms merger of Indian subsidiaries. - HSBC beats expectations in 2011. London's blue chip index fell sharply in early trading on Monday after a G20 meeting failed to alleviate concerns over the economic crisis in Europe. Essar Energy and the mine
Read morePrudential in domicile teaser
27th Feb 2012 07:20
UK-based insurance titan Prudential could be upping sticks and moving its headquarters outside Europe to avoid strict new capital rules for European insurers. In response to week-end press speculation that the Pru's increasing focus on Asia could see it shift its headquarters there the company has
Read moreMonday newspaper round-up: G 20, Barcelona, Prudential
27th Feb 2012 06:36
A communique agreed by G20 finance ministers in Mexico City last night said a decision by Eurozone leaders to boost their own firewall was "essential" before any more external resources were allocated via the International Monetary Fund. (...) Germany's Wolfgang Schaeuble fired back: "Let me be clea
Read moreBroker tips: Barclays, UK insurers, Yell
14th Feb 2012 11:25
UBS has raised its target price for UK lender Barclays by 21% but has maintained its neutral rating on the stock, saying it is "well-positioned but under-earning." The uplift in the target price, from 199p to 240p, reflects the improvement in tangible net asset value from the BlackRock revaluation
Read moreTuesday broker round-up - UPDATE
14th Feb 2012 10:40
British Land: Credit Suisse downgrades to neutral from outperform, target cut to 532p from 560p. Barclays: UBS raises target from 199p to 240p, neutral rating kept. Shore Capital upgrades to neutral from sell. Exane BNP upgrades to overweight from neutral. Standard Life: Nomura raises target from
Read moreBroker snap: L&G offers better value than peers, says Nomura
14th Feb 2012 09:56
Nomura has highlighted Legal & General (L&G) as its preference in the UK insurance sector, saying that it has higher cash yields than peers Aviva, Prudential and Standard Life. "We estimate that L&G still has the highest cash yield of 10% in the sector, measured against our FY 2011 cash earnings fo
Read morePrudential hires Bank of America for potential bid for ING
13th Feb 2012 16:27
Prudential Financial, the second largest life insurer in the US, has hired Bank of America as an advisor to a potential offer for ING's Asian insurance unit. Korea Economic Daily reported that local insurance company Korea Life Insurance is also considering an offer for all of ING's Asian insurance
Read moreLondon close: Footsie rises as markets await news from Greece
23rd Jan 2012 16:32
- Markets await news from Greece. - Essar Energy jumps over 10%. - EU approves sanctions against Iran. UK stocks finished the day with impressive gains as investors awaited developments from Greece. Meanwhile, finance ministers of the Eurozone were meeting in Brussels to discuss terms of the Greek
Read moreSector movers: Prudential lifts life insurers
23rd Jan 2012 15:55
Life insurers were on the rise on Monday with sector giant Prudential making decent gains on the back of M&A chatter in the global industry. Last week's rumours that AIA is considering a takeover of ING's Asian divisions for $6bn "reinforces the attraction of the region", according to analysts at R
Read morePru chairman to call it a day
20th Dec 2011 13:10
Harvey McGrath, chairman of Prudential, is to retire from the board of the insurance giant next year once a successor has been found. McGrath was appointed as an independent non-executive director of the Pru in September 2008 and became Chairman of the board in January 2009. He was at the helm whe
Read moreLondon close: Financials lead the way higher
15th Dec 2011 16:56
Footsie limped back above the 5,400 level in thin trade, with financial stocks leading the way. OLD MUTUAL SURGES AFTER DISPOSAL South African savings and insurance group Old Mutual was the best performing blue-chip after announcing that it is to sell its Nordic business Skandia AB for £2.1bn in
Read moreFTSE 100 Movers: Old Mutual jumps into first place
15th Dec 2011 14:36
Old Mutual, the savings and investment group, leapt into the top spot on news it is to sell its Nordic business Skandia AB for £2.1bn in an effort to "reduce complexity" and pay down debt. The deal, which still needs regulatory and shareholder approval, is expected to complete during the first quar
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